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霍姆斯特朗由于在契约理论的研究贡献获得了2016年诺贝尔经济学奖。他以契约理论为基础,将债务和流动性联系起来研究金融危机,认为在不利的公共信息冲击下,债务契约将从信息不敏感变得信息敏感,对称性无知状态被打破,债务交易量降低,流动性下降,金融危机爆发。霍姆斯特朗的分析更多是围绕着货币市场和债务的表征现象进行分析,对其本质的资产、负债之间的关系并没有深入的讨论。同时,将引发金融危机的的冲击外部化也使得他不能从根本上找到造成金融危机的真正原因。当前国际货币体系是造成系统性金融危机的根本原因,改革当前国际货币体系才是解决问题的根本所在。
Holmester won the 2016 Nobel Prize in economics for his research on contractual theory. Based on the contract theory, he studies the financial crisis by linking debt and liquidity. He believes that under the adverse public information shock, the debt contract will become sensitive from the information insensitivity, the symmetrical ignorance will be broken and the debt transaction volume will be reduced , Liquidity dropped, the financial crisis erupted. Holmestron’s analysis is more about the phenomenon of money market and debt analysis, the nature of its assets and liabilities and the relationship between the in-depth discussion. At the same time, the externalization of the shocks that triggered the financial crisis also prevented him from finding out the very real cause of the financial crisis. The current international monetary system is the root cause of the systemic financial crisis and the reform of the current international monetary system is the fundamental solution to the problem.